Bitcoin’s shallow correction to lower support levels increases the possibility of a move higher and this could trigger a fresh round of buying in ETH, BCH, AXS and EOS.
) has been consolidating in a downtrend. This suggests that the bulls are attempting to form a bottom.The 20-day EMA has flattened out and the RSI is in the positive zone, indicating a balance between supply and demand. This balance could tilt in favor of the buyers if they propel the price above the overhead resistance at $18.53. If that happens, the AXS/USDT pair could start a rally toward $25.21 and then to $28.20.
On the contrary, if the price breaks below the 20-EMA, the pair could slide to the 50-SMA. This is an important level to keep an eye on because if it cracks, the bullish momentum may weaken.broke above the moving averages on July 18 and completed a successful retest of the 20-day EMA on July 21.The moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating that bulls have the upper hand. The price could rise to $1.
This positive view could invalidate if the price turns down from the current level and breaks below the moving averages.Both moving averages are sloping up on the 4-hour chart and the RSI is near the overbought zone, indicating that the pair is in an uptrend.
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